Short post today. I’m going to rail atop my soapbox again, so bear with me. A lot of the news lately has been about “double-dip” recessions and fears of the same. I hate to break it to those who are actively engaged in the real estate market, but US housing is in a double dip. Forecasts show it will get worse in the real estate arena before it gets better, so hold on. There are some things you as a homeowner, home seller, or home buyer can do to mitigate the effects of the continued weakness in housing. I’ll lay out a few for you. I’m just that nice of a guy.
First; don’t panic. If you are trying to sell your home and prices are down, the tendency is to do something rash. Talk with a real estate professional and get the details on your particular marketplace. Some areas are not feeling the 2nd dip as severely as others. Your Realtor can tell you if it’s a good time to test the waters or not, and what price you might expect from a sale. A Realtor’s job is to market properties in all types of economies, so put yours to work. Sometimes, doing nothing is the best option.
Secondly; if you’re a buyer, there has been no better time in the last 100 years to buy property. If you have ever wanted to own income properties or flip houses – now is the time the voice in your head has been telling you about. Jump in. See what’s available, and get in the game. If you are dreaming of your first home, mortgage rates have never been lower. I can point you to some great mortgage professionals who can get you approved with little or no pain involved. Despite the tightening of credit, the process has been streamlined as much as possible by many lenders.
And that brings me to my third point; Mortgage insanity. I know terrible lending practices caused some of the crisis we are in now, but there are many good borrowers out there who cannot get a mortgage to buy a home. Congress’ typical reaction to a crisis – pass more laws. And that’s exactly what they’re trying to do now. This time it’s to “define” what a mortgage is – legally – and require 20% down on ALL mortgages. This is a terrible idea if we are trying to get our economy back on track. Insanity reigns. Common sense dies another small death, and the little guys suffer. Call your elected officials and tell them to stop the madness.
That’s all from me today – getting off the soapbox now. Have a great weekend friends.
All Real Estate. All The Time.